advent.com WHITEPAPER SEC Exam Survival Guide Prepare in 12 steps WRITTEN IN PARTNERSHIP WITH2 | SEC Exam Survival Guide—Prepare in 12 Steps Sink or swim The SEC can conduct an exam of a federally registered investment adviser at any time, for any reason. Exams are typically announced in advance but may occasionally be unannounced. It can be a stressful experience for a firm, with significant time and labor costs and the potential for business disruption Compliance deficiencies can result in fines or other action and can even land a firm on the SEC’s watch list for greater scrutiny. Much of that stress, disruption, and expense can be mitigated if a firm is prepared for an exam. Firms may feel that if they have policies, procedures, and controls in place to protect client

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